SANTANA MINERALS LIMITED (SMI)
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23/08/2024

-1

No Rating

2.11%

Shaw and Partners initiates coverage on Santana Minerals with a Buy rating and $2.86 target.

The company is continuing to develop the 100% owned Bendigo-Ophir gold project in NZ.

The project covers 291km2 with a mineral resource estimate of 2.46moz, the Rise and Shine deposit accounting for 2.2moz.

Open pit mining is anticipated in multiple stages with a 'fast track approvals' bill before the New Zealand government.

Buy rated (High risk). Target price $2.86.

FORECAST
Shaw and Partners forecasts a full year FY24 dividend of 0.00 cents and EPS of minus -3.60 cents.
Shaw and Partners forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -3.00 cents.

26/09/2024

1

Initiation of coverage with Speculative Buy

$3.00

23.97%

As part of the Bendigo-Ophir mine in New Zealand, Santana Minerals is currently developing its Rise and Shine deposit, which Canaccord Genuity highlights is the largest single New Zealand gold discovery in more than 40 years.

The broker begins research coverage with a Speculative Buy rating and $3.00 target.

In April, a scoping study detailed a 10-year operation producing an average of 110koz per year, with low-quartile costs (AISC) of $1,057/oz, highlights the broker. The study was based on an initial eight-year staged open pit and four-year underground mine.

Santana Minerals compares favourably to peers in gold mining development, suggests Canaccord Genuity, with compelling capital intensity and relatively high open pit grades over a long life-of-mine.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -8.00 cents.